M/I Homes (NYSE: MHO) reported Q1 EPS of $0.60, $0.12 worse than the analyst estimate of $0.72. Revenue for the quarter came in at $438 million versus the consensus estimate of $460.29 million.

2018 First Quarter Highlights:

• New contracts increased 20% to an all-time quarterly record of 1,739 contracts
• Backlog sales value increased 31% to a first quarter record of $1.1 billion, and backlog units increased 24% to 2,744 homes
• Revenue increased 8% to a first quarter record of $438 million
• Homes delivered increased 8% to a first quarter record of 1,122 homes
• Pre-tax income of $23.9 million; excluding $2.6 million of acquisition-related costs, pre-tax income was $26.5 million compared to $26.3 million in 2017
• Net income of $18.1 million ($0.60 per diluted share) compared to $16.9 million ($0.55 per diluted share) in 2017; effective tax rate of 24% compared to 36% in last year's first quarter

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We had a strong first quarter highlighted by record new contracts of 1,739 - a 20% increase from last year's first quarter, and first quarter records in homes delivered and revenue. We also achieved record first quarter backlog, with sales value of $1.1 billion - a 31% increase over 2017's first quarter, and our units in backlog increased by 24%. Our overhead expense ratio improved 30 basis points and diluted earnings per share improved 9% from 2017's first quarter."

Mr. Schottenstein continued, "We are off to a very solid start in 2018. On March 1, we successfully closed on the acquisition of Detroit-based Pinnacle Homes, strengthening and expanding our geographic footprint. Our financial condition remains strong. We ended the quarter with shareholders' equity of $786 million and a homebuilding debt to capital ratio of 48%. Looking ahead, with our record first quarter backlog, planned new community openings and steady housing market conditions, we are poised to have a solid 2018. We will continue to focus on increasing profitability, growing our market share, and investing in attractive land opportunities."

For earnings history and earnings-related data on M/I Homes (MHO) click here.